#SPELL
The price is moving in a descending channel on the 12-hour frame, about to break upward
With a strong support area in green at 0.0007000, the price has already bounced from it
We have a trend to touch the Moving Average 100
We also have a downtrend on the RSI that has been breached upward
A moderate rise is expected over 3 levels
Entry price is...
#SPELL
The descending triangle has been broken since July 2023
The downtrend was retested again before completing the rise.
The first goal is 0.000800.
The second goal is 0.001070.
A correction is expected after the first goal.
This bullishness is supported by oversold conditions on the MACD.
It is also supported by a moving average of 100 upwards.
💎 SPELL has recently demonstrated notable market dynamics, breaking significantly out of the descending channel pattern.
💎 Currently, it is consolidating sideways on the demand zone, previously the supply area. There's probability for the price to bounce from this demand zone and resume its upward movement, with the next target being the bearish OB area.
💎...
💎 SPELL has recently demonstrated significant market dynamics. After facing a strong rejection at the supply area, there's potential for the price to undergo a downward retracement towards the support area.
💎 This retracement could provide the necessary momentum for another attempt to break out. If SPELL successfully breaks above this support-turned-resistance...
SPELLUSDT Technical analysis update
SPELL price exceeded the resistance line of a descending channel pattern on the day chart, accompanied by high volume. While this could indicate potential upward movement in the coming days
Buy level: Below $0.00070
Stop loss : $0.00057
Regards
Hexa
An interesting situation!
The approximate bottom of the price has been reached
Reached the good area of the buy order block
We have price divergence and RSI
